CBRE Closes $40M Sale of Phoenix-Area Community
The company represented Baron Properties in the sale of the 240-unit community. The buyer partnership was represented by Mike Dow of Impact Multifamily Advisor.
By IvyLee Rosario
CBRE completed the sale of Enclave at Arrowhead, a Class A multifamily community in the Phoenix suburb of Peoria, Ariz., on behalf of Baron Properties. The property traded for $39.3 million to the partnership of Tom Wermers, Gerry Ranglas and the Loma Linda University Endowment.
Located at 8092 W. Paradise Lane, the 240-unit community comprises one-, two- and three-bedroom floorplans. Ranging from 761 to 1,257 square feet among 20 two- and three-story buildings, 45 percent of the units feature-townhouse style floorplans with direct garage access. Interior features include vaulted ceilings, washer/dryers, central heat and air and private balcony/patios. Residents have access to amenities such as a fitness center, business center, clubhouse, playground, resort-style swimming pool and spa, a shaded lounge area, picnic areas with barbecues, a dog park and 533 parking spaces. Originally built in 2007, the asset is currently 96.7 percent occupied, according to Yardi Matrix.
“Enclave at Arrowhead combines an outstanding location in the heart of Peoria’s P83 Entertainment District with discernible value-add potential,” said CBRE’s Asher Gunter. “Proximity to employment corridors located along the Loop 101 Freeway, combined with walkable restaurants and entertainment within P83, make this a top location in the Arrowhead submarket.”
Gunter, along with Tyler Anderson, Sean Cunningham and Matt Pesch with CBRE’s Phoenix office represented the seller. The buyer partnership was represented by Mike Dow of Impact Multifamily Advisor.
Image courtesy of CBRE